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RESCISSION OF ACQUISITION OF PETRO X SOLUTIONS INC
3 Months Ended
Mar. 31, 2024
RESCISSION OF ACQUISITION OF PETRO X SOLUTIONS INC  
Rescission of acquisition of petro x solution inc

NOTE 5 – RESCISSION OF ACQUISITION OF PETRO X SOLUTIONS, INC.

 

Effective May 11, 2022, the Company completed a Plan and Agreement of Merger (the Merger Agreement) with PXS, with PXS becoming the Company’s wholly-owned subsidiary as a result of the PXS Merger. Pursuant to the Merger Agreement, an aggregate of 100,000,000 shares of Company common stock were issued to the shareholders of PXS in the PXS Merger. PXS markets competitively-priced, environmentally-friendly products that are designed to work as well as or better than their toxic competitors.

 

Effective June 1, 2023, the PXS Merger was rescinded, such that all securities issued by the Company in connection with the PXS Merger were cancelled and the ownership of PXS returned to its prior owners. PXS is being treated as discontinued operations in the consolidated financial statements.